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AVGO

Broadcom Inc.Close $422.65EOD only

Max Pain

$375.00

Next expiry Apr 24, 2026

Expected Move

±$12.52

3.0% from close

Price Gap

-47.65

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.18

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Apr 22, 2026 close

End-of-day snapshot

This page reflects AVGO options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Apr 22, 2026 close

AVGO Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.5% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

Elevated ATM IVs vs VIX; front-day is rich (1d call/put skew extreme)

Favorable?

Term structure: Term structure steep: very elevated front-week IVs; mid-dates elevated ~45–55%

⚠️Front-week IV/skew extreme — avoid short-dated selling; high assignment and gamma risk

⚠️Put OI concentrated in deep-tail strikes ($220–$300) but max-pain clustering sits near ATM $380–$400 — tail protection differs from ATM pin risk

⚠️Large call OI wall at $450–$500 creates asymmetric gap/margin risk to the upside

✅Mid-dated premium selling may be workable if rolled and sized conservatively (avoid front-week), dealers likely passive in mid-dates

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+80.2M)

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 12,889 (28.6% below spot)

OI concentrations: Put OI concentration noted in deep-tail strikes ($220–$300) representing long-tail protection bets; separate ATM/near-term max-pain sits ~ $380–$400 driving pinning dynamics

Verdict: Pinning risk elevated at ATM max-pain levels; directional risk if spot diverges >~10% from pins; deep-tail OI is not the same as ATM pin concentration

Premium Opportunities

Call diagonal

Sell 2026-05-29 $435.00 call / buy 2026-06-18 $420.00 call

Sell 5/29 $435 call, buy 6/18 $420 call to monetize elevated short-dated IV/skew while keeping directional exposure into earnings.

Debit: $15.25-$18.64

Max loss: $18.64

BE: Path-dependent

Mgmt: Trim if IV collapses <~25 or stock sustains < $380; roll or close if spot rises toward $450–$500 OI wall or large one-day gap occurs.

PMCC / LEAPS diagonal

Buy 2026-10-16 $440.00 call + sell 2026-06-18 $490.00 call

Buy 10/16 $440 call and sell 6/18 $490 call to finance LEAP exposure and absorb post-earnings IV normalization.

Debit: $36.49-$44.61

Max loss: $44.61

BE: Path-dependent

Mgmt: Manage if IV collapses or stock breaks < $387.7; consider rolling sold call higher if strong upside momentum or close before major gap risk.

Risk Alerts

!Avoid short-dated/front-week premium selling due to extreme IV/skew and assignment risk

!Large call OI wall at $450–$500 = asymmetric gap and margin risk on upside moves

!Max-pain clustering around $380–$400 may concentrate expiry pinning and near-term volatility

How to Use These Reports

This theta reflects the market close on April 23, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.